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Billshark Review: How to Lower Your Monthly Bills
You know those moments when you realize a chunk of money has been taken out of your account and you don’t know why? How many subscriptions do you currently hold without realizing you’re still subscribed to them? This is an all-too-common issue that we’ve all dealt with at some point.
With services like Billshark, you can take the stress out of remembering to pay for certain subscriptions and canceling services you no longer use. These services also give you the luxury of not needing to negotiate with companies for lower bills as the service does all the work for you.
In this article, we’re going to cover the importance of keeping track of your bills and leave you with an in-depth review of Billshark.
Keeping Track of Your Bills
I think we can all agree that bills are the least exciting part of adulthood. Once you pay them, you have to do it all over again in 30 days. When you’re late with any payments, penalties may be issued or your services can get canceled. For that reason, it’s incredibly important to keep track of each bill you’re responsible for.
Here are five helpful tips for effectively keeping track of your bills:
1. Use a bill-lowering service. Bill-lowering services, like Billshark, offer a stress-free way to organize, eliminate, and negotiate certain bills. By using this kind of service, you make bill pay a much more streamlined process.
2. Use a spreadsheet. It may also be helpful to list each bill you’re responsible for in a spreadsheet. This way, you have a visual of everything you owe and everything you’ve already paid for the month.
3. Go paperless/autopay. Setting up certain bills for autopay can take some of the thought out of paying bills each month. With that said, this should only be done for necessary service bills rather than your entire responsibility list.
4. Keep all paper bills in one place. If you can’t change a bill to paperless, or you simply prefer not to, make sure to keep all of your paper bills in one place. To go one step further, have two separate folders: one for unpaid bills and the other for paid bills.
5. Track bill cycles in a planner. For those of you who don’t like the layout of spreadsheets, you can also keep track of your bills in some type of planner. Many pre-made planners have bill tracking sections, or you can create a specific page in a bullet journal.
What is Billshark?
Billshark is a bill negotiation tool/service that helps you lower your bills by canceling subscriptions and negotiating with different companies. This service negotiates service-based bills like entertainment subscriptions and utility bills, but they don’t offer negotiation services for any type of loan or debt.
The company was founded in 2015 and is backed by Mark Cuban, the Shark Tank star and businessman. According to Billshark, their primary goal is to save consumers and small businesses more than $2.7 billion by the end of 2025.
To keep your information safe, Billshark uses the standard 256-bit encryption on their website and they employ best practices in security when it comes to the treatment of your data. Billshark employees are given limited access to your data and no third parties are used in any part of the process.
They keep their processes completely customizable and Billshark will only negotiate or lower the bills you want them to. Before changing anything in your account, Billshark will reach out to you beforehand.
How Does Billshark Lower My Bills?
Billshark claims to help lower your bills and save you hundreds of dollars each year. While they’re working for you, they’ll try to find the lowest and best possible rates without compromising the quality of service from each provider.
The only part of the process you need to focus on is creating an account with Billshark, telling them a little bit about yourself, and letting them know what bills you want to be negotiated or canceled.
Once you put in a negotiation request, Billshark will work on negotiating with your servicer. This process typically takes 2-3 days and Billshark will give you a detailed summary of the total amount saved on your bill, along with the start date and duration of your savings.
After an agreement has been reached between Billshark and your servicer, you should receive your savings in the form of a refund, credits, or a reduced rate during your servicer’s next billing cycle. If an agreement couldn’t be made, you won’t receive any bill from Billshark.
To add to that, you’re free to cancel your service for any reason, even if you haven’t received your reward yet. If that’s the case, Billshark will refund you a prorated amount of your bill that includes only the savings you used during the process.
In some cases, a service provider won’t honor the original agreement made between Billshark and themselves. If that’s the case, Billshark urges you to reach out to them so they can fix the issue.
The Cost of Using Billshark
One of the great things about using Billshark as a bill negotiation tool is that you don’t pay anything to sign up and you’re only billed if a service is successfully negotiated. With that said, Billshark does take out a one-time fee of 40% of your savings. You’ll also be charged $9 for each subscription service you cancel.
While the reward of no longer paying as much for your nills is certainly helpful, sometimes that 40% fee can come as a shock. Despite charging these fees, Billshark offers a few different reward options. So in retrospect, they kind of balance each other out.
On top of the savings you’ll see when utilizing Billshark, you also have the opportunity to participate in their referral program. To participate in this program, you need to sign up for Billshark. Once you’ve signed up, you’ll be issued a unique referral link to share with friends and family.
Once a friend or family member signs up with Billshark and submits their first bill, they’ll receive 10% off of the submitted bill along with a $25 bonus reward for signing up. Depending on the number of referrals you get, you have the ability to earn up to $50 in Amazon gift cards. For each friend you refer, you’ll receive one $10 Amazon gift card.
For you to qualify for a referral reward, the person you’ve referred can’t already have an account through Billshark. They’re also required to submit a valid bill before any rewards can be issued. A valid bill includes any service-based bill, but can’t be used toward a loan or debt.
You can easily keep track of how many people have followed your referral link by logging into your account and seeing who has signed up under you. Because Billshark manually approves each reward, you’ll receive an email once it should be issued to you.
Along with the referral program, you can also take advantage of their general reward when you first sign up. After you submit your first valid bill, you get to choose from a variety of rewards that include dining, shopping, grocery coupons, or travel.
The Pros and Cons of Using Billshark
There are certainly plenty of benefits that come with using a bill negotiation service like Billshark. With that said, there are some drawbacks that come with this particular service that are worth noting too. Let’s explore the good and the bad of this tool right here in our Billshark review.
They Make Bill Paying Less Tedious: Perhaps the best thing about Billshark is the fact that they make paying your bills a far less stressful experience. Instead of worrying about what is due, and when, Billshark can help you cancel unneeded services and lower your rates on most of your financial responsibilities. Billshark works with you to change your services to your current needs and even helps cancel accounts for you without having to worry about service companies hassling you to stay.
Users Are Eligible For Rewards: Not only is Billshark helpful in taking away a lot of the stress that comes with paying bills, but they also make it kind of fun with the rewards they offer. You can choose to partake in their referral program by sharing a unique code with your friends and family, which can earn you up to $50 in Amazon gift cards. You can also choose a reward after submitting your first valid bill for a variety of things like dining or shopping.
They Have a High Success Rate: According to their website, Billshark currently boasts a 90% success rate in lowering your bills and cancelling services. On top of that, they’ve also saved one person roughly $9,500 at one time. What’s even better is that you don’t pay anything to the Billshark if they aren’t successful. On top of that, they’ll also fix any issues you have with your service providers when they don’t want to honor the negotiation reached between themselves and Billshark.
User Data is Secure: When trusting another person, or company for that matter, with your bills and personal information, your data security should be the top priority. With Billshark, your data is guaranteed to be protected by their website encryption software and other security best practices they vow to uphold.
It’s Free to Sign Up: Signing up for services through Billshark is completely free. The only time you pay them is if they successfully negotiate your bill to a lower amount. If they aren’t able to negotiate a certain bill, you won’t be charged at all. They also have a free insurance comparison tool available for anyone to use. This comparison tool will use the personal information you provide to find the best rates from various insurance companies out there.
You Can Easily Identify and Find Savings: Along with making the whole process more convenient, Billshark also makes it much easier to see the places where you can save money. They also guarantee to find you the best possible rates for the services you use, which helps ensure you’re not paying any more than you need to be.
They Charge a Fee After Success: After they’re successful in negotiating a bill, they charge a one-time fee of 40% of your savings. So, if you saved $100 on a bill, Billshark would take $40 from that and you’d really only have saved $60. They also charge $9 for any cancelled subscription. Many subscription services don’t cost much more than that, so you’d be saving miniscule amounts of money in that case.
They Won’t Negotiate Certain Bills: Billshark only negotiates service-based bills. These bills include things like entertainment subscription services, cable subscriptions, home security, or internet to name a few. However, they aren’t able to negotiate things like utilities, loans, or credit cards. While it’s certainly helpful to try getting the best rates on service-based bills, it’d also be beneficial to get lower insurance rates on bigger expenses.
They Aren’t Always Successful: No company is going to be 100% successful in what they do. But, sometimes with Billshark, your service providers won’t honor a negotiation reached via Billshark. While Billshark will work to resolve the issue for you, it can still be incredibly frustrating if your servicer is reaching out to you instead of Billshark.
Billshark Review Final Verdict
After analyzing the advantages and drawbacks of Billshark, we’ve come to the conclusion that Billshark is definitely worth it. Just as we mentioned above, no company is going to always have a 100% success rate and we feel that Billshark’s 90% success rate is unbeatable.
Not only that, the rewards that come with using them are great too. Who doesn’t want a free gift card to go shopping with? Anyone who frets the day bills are due and feels like they aren’t getting the best possible rates would do well to give Billshark a shot.
We hope this Billshark review has been helpful for you!
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